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As Bitcoin endures its fourth 20% correction in 12 months, dropping to $59,730, market veterans see it as nothing unusual. Leaders in the crypto industry, like Raoul Pal and Thomas Fahrer, reassure that such fluctuations are expected and crucial for aligning with the cryptocurrency's traditional cycles and potential growth trajectories.
Bitcoin Endures Fourth Major Correction This Year, Traders Call It 'Business as Usual'
Bitcoin has fallen over 20% in the last three months, but crypto traders are unconcerned, stating it is merely a normal correction in the market cycle, per Cointelegraph.
"This is the 4th 20% correction in BTC in 12 months...pretty ordinary stuff," CEO of Real Vision Raoul Pal remarked in an April 30 post on X, comparing Bitcoin's current price level to its all-time high of $75,830 on March 14.
"This is exactly what the cycle needs to resynchronize with historical price norms and the traditional Halving Cycle," pseudonymous crypto trader Rekt Capital wrote in a post on the same day.
"Price might fall to $40K, but it might rise to $400K. That's just how it is, and it's a great bet," added Thomas Fahrer, the CEO of crypto-focused reviews portal Apollo.
Bitcoin is selling at $59,730, down 6% in the last 24 hours, according to CoinMarketCap data. It briefly traded below support at $59,097, resulting in the liquidation of $96.5 million in long holdings, according to CoinGlass data.
Bitcoin's price is "getting closer and closer to its final bottom with each additional -1% to the downside," Rekt wrote in a separate X post the same day.
Despite Market Lull, Traders Eye Potential Breakout Amid Positive Bitcoin Chart Patterns
Ben Simpson, CEO of Collective Shift, told Cointelegraph that the market may be in a "lull period" following the recent Bitcoin halving due to a lack of new narratives for traders.
However, he is still optimistic about the market's long-term prospects beyond the next few months.
"I believe in the next month or two we are going to see some choppiness sideways, and a continued drawdown, especially when we still have macro uncertainty, we have the rate Fed decision, the ongoing war, there is a lot of uncertainty in the market," Simpson said.
Other traders have also noted optimistic indicators building on Bitcoin's price chart, which might indicate a breakout in the coming months.
Crypto trader Gally Sama noted the forming cup-and-handle pattern on Bitcoin's price chart, which occurs when the price falls and then rebounds in a U-shaped recovery that resembles a cup, noting that the handle is forming "around or above the previous highs."
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